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DJ Burns Company acquires copyrights from authors, paying advance royalties in some cases, and in others, paying royalties within 3 0 days of year -
DJ Burns Company acquires copyrights from authors, paying advance royalties in some cases, and in others, paying royalties within days of yearend. They reported the following financial information for the years in question.
For the year ended December
Prepaid royalties
Royalties payable
Beginning
Ending
A
Cash outflow
Required: What was royalty expense for
Balance
Balance
B
For the year ended December
Beginning
Ending
Prepaid royalties
Balance
Balance
Royalties payable
Royalty Expense
Required: What was cash outflow for royalties for
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